A Wyoming quitclaim deed is a document that gives a grantor the ability to quickly transfer ownership of a property to a grantee without the promise of a clear title or any guarantee of ownership. This type of deed is appropriate when transferring property within a family because the people know and trust each other.
Laws & Requirements
Statute: Wyo. Stat. § 34-2-104 provides a standard quitclaim form. Wyo. Stat. § 34-2-105 states that a quitclaim deed transfers the property as-is with no title guarantees, while Wyo. Stat. § 34-2-106 doesn’t require the use of the word “release” to convey property.
Signing Requirements: The grantor must sign the document before a notary public (Wyo. Stat. § 34-1-113).
Recording Requirements: Record the deed at the County Clerk’s Office in the property’s county (Wyo. Stat. § 34-1-118).
Transfer Tax: No.
Additional Documents: Quitclaim deeds must have a Statement of Consideration form attached to the document (Wyo. Stat. § 34-1-142).
How to File
- Gather Paperwork: Gather the necessary paperwork, including the property’s title to access the legal description.
- Complete the Forms: Complete the forms, including the quitclaim deed and the accompanying Statement of Consideration.
- Visit a Notary: Visit a notary who can authenticate your signature.
- File Your Deed: File your deed and the accompanying Statement of Consideration with your county clerk’s office.
Costs and Fees
Filing Fees:
- Filing fees: Counties in Wyoming may set their fees referring to Wyo. Stat. § 18-3-402, which states a $12.00 filing fee per document and a $3.00 charge for each additional page. Please check your county for the exact filing fees.
Taxes:
- Real Estate Transfer Tax: Wyoming doesn’t impose a real estate transfer tax.
- US Gift Tax (Form 709): The US gift tax is assessed when one party, including a family member, gives a gift of significant monetary value to another. The grantor most often pays the gift tax, which covers the property’s value.
- Capital Gains Tax: Wyoming doesn’t charge capital gains tax, but grantors are still subject to federal capital gains tax. Topic no. 409 covers short-term and long-term capital gains tax information.
Frequently Asked Questions
How Does a Quitclaim Deed Affect Probate in Wyoming?
A quitclaim deed doesn’t avoid probate directly, but it can transfer property into trusts to potentially bypass probate.
Can a Quitclaim Deed in Wyoming Be Revoked?
It’s generally challenging to revoke a quitclaim deed in Wyoming, but you may be able to have it revoked if you signed it under duress or coercion.
Is a Wyoming Quitclaim Deed Safe?
It’s generally safe when parties who trust each other use it. Because it doesn’t guarantee a clear title, it may be unsafe when the parties haven’t already established trust with one another.
